PT Gajah Tunggal clarifies

In line with the clarification written on May 21 by Rebecca Lee, Head of Communications at Michelin Asia Pacific Pte. Ltd. Singapore, regarding the article published in The Jakarta Post on May 15, I would also like to clarify that in our report to the Stock Exchange, we have clearly stated that there are two different agreements signed between Michelin and PT Gajah Tunggal (GT): A manufacturing agreement and a distribution agreement.

Under the manufacturing agreement, GT will manufacture a selected range of Michelin Group's associated brands of car tires (excluding the Michelin brand) including high speed rated tires, for various markets served by Michelin. Michelin and GT have also, in this context, announced that Michelin has today acquired 10 percent of GT share capital.

Under the distribution agreement, GT will distribute in Indonesia, through its extensive network, a selected range of Michelin Group's passenger car and light truck tires, including Michelin and BFGoodrich brands, for the replacement market.

CATHARINA WIDJAJA Executive Vice President Corporate Communications Gajah Tunggal Jakarta